The WSIB has announced that premium rates will be maintained at current levels for all employers in 2014. Our Board of Directors’ decision to keep rates at current levels was made based on careful actuarial and financial analysis. The decision balances the needs of Ontario’s workers while providing stability for employers as the WSIB reviews its methods for setting premium rates in consultation with stakeholders to come up with the fairest and most effective solutions.
2014 Premium rates table
The WSIB maximum insurable earnings ceiling for 2014 is $84,100. This is an increase of 1.1% from $83,200 in 2013. Changes to the Maximum Insurable Earnings Ceiling are directly linked to changes in average earnings in Ontario as measured by Statistics Canada, and provisions under the Workplace Safety and Insurance Act.
Read the 2014 Premium Rates Manual (PDF).
| Rate Group | Description | 2014 Premium Rate ($) |
|---|---|---|
| 030 | Logging | 13.04 |
| 033 | Mill Products And Forestry Services | 8.80 |
| 036 | Veneers, Plywood And Wood Preservation | 5.37 |
| 039 | Pulp, Newsprint And Specialty Papers | 2.93 |
| 041 | Corrugated Boxes | 3.24 |
| 110 | Gold Mines | 8.15 |
| 113 | Nickel Mines | 5.20 |
| 119 | Other Mines | 6.69 |
| 134 | Aggregates | 6.52 |
| 159 | Livestock Farms | 7.09 |
| 167 | Field Crop, Fruit And Vegetable Farms | 2.84 |
| 174 | Tobacco And Mushroom Farms | 5.15 |
| 181 | Fishing And Miscellaneous Farming | 3.67 |
| 184 | Poultry Farms And Agricultural Services | 3.27 |
| 190 | Landscaping And Related Services | 4.93 |
| 207 | Meat And Fish Products | 4.66 |
| 210 | Poultry Products | 3.50 |
| 214 | Fruit And Vegetable Products | 2.68 |
| 216 | Dairy Products | 2.26 |
| 220 | Other Bakery Products | 4.00 |
| 222 | Confectionery | 1.80 |
| 223 | Biscuits, Snack Foods And Other Food Products | 2.79 |
| 226 | Crushed And Ground Foods | 1.69 |
| 230 | Alcoholic Beverages | 1.55 |
| 231 | Soft Drinks | 3.58 |
| 238 | Other Rubber Products | 4.13 |
| 258 | Foamed And Expanded Plastic Products | 2.92 |
| 261 | Plastic Film And Sheeting | 2.46 |
| 263 | Other Plastic Products | 3.23 |
| 289 | Cloth, Carpets And Textile Products | 3.71 |
| 301 | Clothing, Fibre And Yarn | 2.43 |
| 308 | Millwork And Other Wood Industries | 5.57 |
| 311 | Wooden Cabinets | 4.16 |
| 312 | Wooden Boxes And Pallets | 7.14 |
| 322 | Upholstered Furniture | 3.34 |
| 323 | Metal Furniture | 2.33 |
| 325 | Wooden And Other Non-Metal Furniture | 4.30 |
| 328 | Furniture Parts And Fixtures | 4.17 |
| 333 | Printing, Platemaking And Binding | 1.75 |
| 335 | Publishing | 0.56 |
| 338 | Folding Cartons | 2.65 |
| 341 | Paper Products | 3.18 |
| 352 | Steel And Other Smelting And Refining Industries | 2.62 |
| 358 | Foundries | 4.29 |
| 361 | Non-Ferrous Metal Industries | 3.59 |
| 374 | Doors And Windows | 3.56 |
| 375 | Structural And Architectural Products | 4.71 |
| 377 | Coating Of Metal Products | 4.19 |
| 379 | Hardware, Tools And Cutlery | 2.74 |
| 382 | Metal Dies, Moulds And Patterns | 2.22 |
| 383 | Heating, Refrigeration And Air Conditioning Equipment | 2.78 |
| 385 | Machine Shops | 2.61 |
| 387 | Other Metal Fabricating Industries | 3.68 |
| 389 | Metal Closures And Containers | 2.59 |
| 390 | Other Stamped And Pressed Metal Products | 3.59 |
| 393 | Wire Products | 3.37 |
| 402 | Major Appliances And Transmission Equipment | 2.32 |
| 403 | Other Machinery And Equipment | 1.74 |
| 406 | Elevators And Escalators | 2.70 |
| 408 | Boilers, Pumps And Fans | 2.46 |
| 411 | Agricultural, Construction And Mining Machinery | 2.89 |
| 417 | Aircraft Manufacturing | 1.56 |
| 419 | Motor Vehicle Assembly | 3.59 |
| 420 | Motor Vehicle Engine Manufacturing | 1.89 |
| 421 | Other Motor Vehicle Parts And Equipment | 3.59 |
| 424 | Motor Vehicle Stampings | 3.59 |
| 425 | Motor Vehicle Wheels And Brakes | 3.59 |
| 428 | Motor Vehicle Fabric Accessories | 4.58 |
| 432 | Trucks, Buses And Trailers | 4.39 |
| 442 | Railroad Rolling Stock | 2.74 |
| 460 | Lighting And Small Electrical Appliances | 2.65 |
| 466 | Communication And Energy Wire Products | 2.45 |
| 468 | Electronic Equipment & Other Communication Devices | 0.39 |
| 477 | Industrial Electrical Equipment | 1.55 |
| 485 | Bricks, Ceramics And Abrasives | 4.54 |
| 496 | Concrete Products | 5.42 |
| 497 | Ready-Mix Concrete | 3.93 |
| 501 | Non-Metallic Mineral Products | 3.00 |
| 502 | Glass Products | 3.05 |
| 507 | Petroleum And Coal Products | 1.17 |
| 512 | Resins, Paint, Ink And Adhesives | 1.75 |
| 514 | Pharmaceuticals And Medicines | 0.96 |
| 517 | Soap And Toiletries | 1.68 |
| 524 | Chemical Industries | 1.96 |
| 529 | Jewelry And Instruments | 1.02 |
| 533 | Signs And Displays | 3.19 |
| 538 | Sporting Goods And Toys | 4.28 |
| 542 | Other Manufactured Products | 2.13 |
| 551 | Air Transport Industries | 2.09 |
| 553 | Air Transport Services | 1.93 |
| 560 | Warehousing | 3.43 |
| 570 | General Trucking | 6.72 |
| 577 | Courier Services | 3.02 |
| 580 | Miscellaneous Transport Industries | 5.11 |
| 584 | School Buses | 3.04 |
| 590 | Ambulance Services | 6.46 |
| 604 | Food, Sales | 2.54 |
| 606 | Grocery And Convenience Stores | 2.20 |
| 607 | Specialty Food Stores | 3.73 |
| 608 | Beer Stores | 4.17 |
| 612 | Agricultural Products, Sales | 2.48 |
| 630 | Vehicle Services And Repairs | 3.54 |
| 633 | Petroleum Products, Sales | 2.60 |
| 636 | Other Sales | 1.46 |
| 638 | Pharmacies | 0.70 |
| 641 | Clothing Stores | 1.59 |
| 657 | Automobile And Truck Dealers | 0.81 |
| 668 | Computer, Electronic And Electrical Equipment, Sales | 0.50 |
| 670 | Machinery And Other Vehicles, Sales | 1.84 |
| 681 | Lumber And Builders Supply | 3.01 |
| 685 | Metal Products, Wholesale | 3.25 |
| 689 | Waste Materials Recycling | 6.17 |
| 704 | Electrical And Incidental Construction Services | 3.69 |
| 707 | Mechanical And Sheet Metal Work | 4.16 |
| 711 | Roadbuilding And Excavating | 5.29 |
| 719 | Inside Finishing | 7.51 |
| 723 | Industrial, Commercial & Institutional Construction | 4.55 |
| 728 | Roofing | 14.80 |
| 732 | Heavy Civil Construction | 7.03 |
| 737 | Millwrighting And Welding | 6.90 |
| 741 | Masonry | 12.70 |
| 748 | Form Work And Demolition | 18.31 |
| 751 | Siding And Outside Finishing | 10.25 |
| 755 | Non-Exempt Partners and Executive Officers in Construction | 0.21 |
| 764 | Homebuilding | 9.10 |
| 810 | School Boards | 0.81 |
| 817 | Educational Facilities | 0.36 |
| 830 | Power And Telecommunication Lines | 4.45 |
| 833 | Electric Power Generation | 0.78 |
| 835 | Oil, Power And Water Distribution | 1.07 |
| 838 | Natural Gas Distribution | 0.69 |
| 845 | Local Government Services | 2.24 |
| 851 | Homes For Nursing Care | 3.29 |
| 852 | Homes For Residential Care | 3.30 |
| 853 | Hospitals | 1.10 |
| 857 | Nursing Services | 3.31 |
| 858 | Group Homes | 3.14 |
| 861 | Treatment Clinics And Specialized Services | 1.10 |
| 875 | Professional Offices And Agencies | 0.73 |
| 905 | Apartment And Condominium Services | 3.04 |
| 908 | Other Real Estate Services | 1.31 |
| 911 | Security And Investigation Services | 1.74 |
| 919 | Restaurants And Catering | 1.72 |
| 921 | Hotels, Motels And Camping | 3.10 |
| 923 | Janitorial Services | 3.73 |
| 929 | Supply Of Non-Clerical Labour | 5.05 |
| 933 | Equipment Rental And Repair Services | 3.08 |
| 937 | Recreational Services And Facilities | 2.19 |
| 944 | Personal Services | 3.26 |
| 956 | Legal And Financial Services | 0.21 |
| 958 | Technical And Business Services | 0.38 |
| 962 | Advertising And Entertainment | 1.09 |
| 975 | Linen And Laundry Services | 4.12 |
| 981 | Membership Organizations | 0.79 |
| 983 | Communications Industries | 0.37 |
Background
The WSIB is well-positioned to offer premium-rate stability. Results for the first quarter of 2013 show the system is progressing well toward meeting financial requirements set under government regulation last year.
Our sufficiency ratio of assets to liabilities has already improved from 54.2% in 2009 to 56.9% by the end of 2012. The WSIB's ongoing Rate Framework stakeholder consultation is looking at changes to the premium rate setting process and experience rating to improve fairness in the way the system is funded. This work will help ensure we can achieve our legislated funding requirements of 60% by 2017, 80% by 2022, and full funding by 2027.
Better outcomes
We have seen significant improvements in recovery and return to work outcomes for injured workers since 2009. These improvements have been accomplished while maintaining benefit levels for injured workers.
Premium rate increases, along with growth in insurable earnings, brought an additional $2.4 billion into the system from 2010 and 2013. At the same time, Lost Time Injuries have decreased, and better outcomes for injured workers have reduced benefit costs, saving the system more than $500 million a year.
In 2012, employer premiums fully covered the WSIB’s operating costs, meaning approximately $1.3 billion of investment earnings could be applied against the unfunded liability. Our administration expenses continue to be tightly controlled, with improved efficiency and modernization.
Under legislation, the Maximum Insurable Earnings Ceiling for determining benefits and premiums is set each year based on the July average industrial wage for Ontario from Statistics Canada. The ceiling for 2014 is $84,100. This is an increase of 1.1 per cent from $83,200 in 2013.
Collaboration and planning
We recently released updates on two major consultations to improve our premium rate framework and benefits policies. Both consultations show how we are working with stakeholders to ensure that key elements of the system are fair and sustainable for years to come.
We also plan to release our Sufficiency Plan and Funding Policy, demonstrating robust approaches to meeting financial goals between now and 2027. These will serve as guides in reaching funding targets mandated by the Ontario government.
Our Funding Policy outlines the principles of a fair and transparent approach to funding. The Sufficiency Plan is a road map to achieving our legislated funding targets. It allows us to create and test asset and liability assumptions and risk mitigation strategies in relation to the achievement of the legislated targets.
And we’ll be keeping stakeholders informed about our progress with the latest of our regular quarterly financial and Measuring Results reports, as well as our updated By the Numbers online statistical report.